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control. i show ultimately he controlled inflation by refusing to monetize the budget deficit. the problem began october 79 to drive down inflation from 12% down of 4% by 1982 it was down at 4% but the final victory for interest-rate after congress passed a balanced budget amendment called the gramm-rudman go the proposed draconian cuts in government spending less congress passed a balanced budget. sound familiar? one of the sponsors of the bill said it was a bad idea. yet only after gramm-rudman was passed then it climbed below the 10% level they had remained above the paul volcker first six years at the head of the central bank. what chartered the unprecedented legislation? just before past the late senator john heinz uncovered hidden agenda in the paul volcker plan. this so important i am going to reenact the conversation. ready? >> mr. chairman we have agreed the deficit is bad. but in my experience with congress is anything to go by, there will have to be a crisis to fix it. my question is, a you prepared to bring about the necessary crisis the year continued restrictive monetary poli
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